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Tag Archive for qualified trades or businesses

Your 20% Flow-Through Tax Deduction May Be Limited

Chuck Woodson, Specified Service Trades or Businesses, SSTBs, qualified trades or businesses, QTBs, Tax Deduction,

As part of its recent tax reform, Congress included a new 20% deduction of pass-through income for trades or businesses other than C-corporations. This pass-through income is referred to as qualified business income (QBI); for trades or businesses, it generally includes bottom-line profits, and for S-corporations and partnerships, it includes K-1 flow-through income. This new law was added as tax code section 199A, so the deduction is often referred to as the 199A deduction. Read more